Upon delving into the substance of the latest deal on Capitol Hill, one finds that the devil really is in the details. The U.K. Mail reports with this indictment of a headline, Middle classes to be hit by tax increase by the back door: Obama and Boehner face furious backlash from their own parties as last minute debt deal is slammed a 'fudge':
President Barack Obama awoke today to furious reaction to his last-minute debt deal, with experts slamming the agreement as a cruel means of hitting middle classes with tax hikes 'through the back door'.
The President and congressional leaders last night finally announced an agreement on emergency legislation to avert the nation's first-ever financial default.
But while the dramatic resolution briefly lifted a cloud that had threatened the still-fragile economic recovery, critics said in the long run the middle classes would bear the brunt of the country's massive debt, with increased taxes set to cover for the White House's reluctance to cut public spending.
And RedState gives 9 essential reasons to oppose the Boehner 4.0 debt deal that's well worth reading! From the first...
1) Obama gets his full lifeline, long-term debt limit increase that will take him beyond the election ($2.1-2.4 trillion), without making any transformational concession. There is no realistic roadmap to entitlement reform; not a single agency or program, domestic or mandatory, will be eliminated; Obamacare is off limits; there will be no balanced budgets, ever. We will still add trillions more to the debt over the next ten years. Yes, there is a second tranche that will trigger the latter $1.2-1.5 trillion increase, but unlike previous versions of Boehner’s plan, Republicans have no control over that trigger to use it as a precondition.
...to the last, this is far from the tea party celebrated deal that the MSM is attempting to sell us. Furthermore, there's no enforcement mechanism towards any cuts in spending (it's already been revised down to $2.1T by the CBO), while the Bush tax cuts will end as the Obamacare tax hikes begin, amounting to the largest tax increases in the history of our country...not to mention the two largest back-to-back debt ceiling increases in American history! Seriously, Republican leadership? This is the deal you guys want to sign off on?
Only addressing the debt ceiling, without actually addressing the debt crisis, does nothing to help the economy, because it doesn't limit the growth government. But rest assured, as the all-seeing, all-knowing Maha Rushie just pointed out, Obama will use this as another reelection bullet point to say that we tried spending cuts, but it didn't work, so we're going to have to go after 'the rich'...and the 'shared sacrifice' will undoubtedly extend to the middle class, leading to Rush's self-titled Plan C I Told You So. As one caller succintly summed up, this plan gives Obama the opportunity to 'kill the economy, raise taxes and blame it on Republicans'. Will America allow him to get away with it?
UPDATE: Well, that went from bad to worse, not just in the 269-161 passage of the bill in the House, but in the $2.1T in spending cuts over 10 years to the $2.1T in the debt ceiling hike through 2012...that's a negative wash. So much for Boehner's required 72-hour waiting period to read a bill...this was more like 72 hours! And let's not forget the media saps...they're still obliviously repeating the same line that there will be no tax increases...what a surprise (or delight) they'll be in for when they find out the opposite of their under-informed reporting. So much for responsible action taken towards debt reduction. Now brace for the ensured downgrade.
